John Wooden founded a company called Wooden It Be Nice on January $1$st$,2023$ which sells hand$-$made wooden tables. The annual reporting period ends on December $31$st$,2023.$ During $2023,$ the following transactions occurred $($and assume these were the only transactions in $2023)$:

a$.$ On January $1$st$,$ Wooden It Be Nice issues $1,000$ shares of $$1$ par value common stock to its owner, Mr$.$ Wooden, in exchange for $$210,000$ cash and a delivery truck worth $$115,000.$ The truck will be depreciated using the units$-$of$-$production method with a useful life of $10,000$ deliveries and a residual value of $$10,000.($HINT: The delivery truck is an asset the company receives for issuing stock, similar to cash$).$

b$.$ On March $19$ th$,$ the company purchased $220$ tables for $$240$ each on account from a well$-$known local woodworker and put them into inventory.

c$.$ On May $5$th$,$ Mr$.$ Wooden discovered that another local furniture store, Sofa So Good, sold identical tables. To corner the local market, Wooden It Be Nice buys out Sofa So Good's operations, paying $$185,000$ in cash to acquire all of Sofa So Good's assets and assume all its liabilities. Sofa So Good's only assets were $270$ tables worth $$310$ each and were classified as inventory, and its only liabilities were accounts payable totaling $$25,000.$

d$.$ On July $27$ th$,$ the company sold and delivered $210$ tables for $$140,000$ on account with terms $\frac{1}{10},\frac{n}{30}.$ To recognize cost of goods sold, Wooden It Be Nice uses the last$-$in$,$ first$-$out $($LIFO$)$ method.

e$.$ On August $1$st$,$ Wooden It Be Nice received payment for the sale made on July $27$th in $($d$).$

f$.$ On September $10$th$,$ Wooden It Be Nice paid off all outstanding accounts payable.

g$.$ On October $10$th$,$ the company sold and delivered $250$ tables for $$170,000,$ receiving payment via credit card. The credit card processor charges a $4\%$ fee.

h$.$ On November $30$ th$,$ the company borrowed $$50,000$ from a local bank, signing a note agreeing to repay the loan in two years. The loan's $8\%$ interest will be paid in full on the date of maturity $($i$.$e$.,$ the date the loan due to be paid off $-$ in roughly two years$).$

i$.$ As of December $31$st$,2023$ the delivery truck acquired in $($a$)$ has made $460$ deliveries, Wooden It Be Nice could replace the tables in inventory at a market value of $$300$ each, and the market value of its goodwill is $$200,000.$

j$.$ After recording adjustments for the year, Wooden It Be Nice receives an offer it can't refuse on December $31$st$,2023$ and decides to sell the delivery truck for $$125,000$ cash.

Required:

For each of the transactions, prepare journal entries. Record entries in order by date.

Note: You will be prompted to record adjustments. You are not asked to record closing journal entries. If no entry is required for a transaction$/$event$,$ select $"$No journal entry required" in the first account field.

Journal entry worksheet

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On January $1$st$,$ Wooden It Be Nice issues $1,000$ shares of $$1$ par value common stock to its owner, Mr$.$ Wooden, in exchange for $$210,000$ cash and a delivery truck worth $$115,000.$ The truck will be depreciated using the unitsof$-$production method with a useful life of $10,000$ deliveries and a residual

Note: Enter debits before credits.

$\backslash$table$[[,$A$,$B$,$C$,$D$],[,$Date,Account Title,Debit,Credit$],[1,\frac{01}{01}\frac{?}{2023},,,],[2,,,,],[3,,,,],[4,,,,],[5,,,,],[6,,,,]]$